House repossession from a Bank charge over the house from a Business Overdraft

[sharonma12]

Hi, this is my first post with reference to the above header. Which is the best forum to post my 'issues' please.

Thank you

[MissFM]

Re: House repossession from a Bank charge over the house from a Business Overdraft

Hi Sharonma12 and a warm welcome to LegalBeagles ,

You could either post here and rely on our lovely admin to put it in the appropriate place (infallible!) or put it in the general debt forum.

Good luck, and you've come to the right place xx

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

Hi Sharonma12 and a warm welcome to LegalBeagles ,

You could either post here and rely on our lovely admin to put it in the appropriate place (infallible!) or put it in the general debt forum.

Good luck, and you've come to the right place xx

Will do - right now - Thank you

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

My house is on the verge of being repossessed, and unless I can come up with full payment I will lose my house, business and almost 500k of equity.

I cannot access the equity, for the simple reason that I am in debt with a charge my husband (and unwillingly, I) took out against a previous business. My ex-husband will not pay a penny to help alleviate this situation.

The OVERDRAFT of 53k was taken out in 2006
My husband left me in 2009

I didn’t concern myself with the debt, as he walked away with his business, leaving me in the house (and having to build up a new business for myself)

I was diagnosed with cancer in 2011. This is the year that my husband told me he would no longer pay the debt, and it was my problem as I wanted to stay in the house.

I managed to put off paying Natwest anything (due to my health) until this year. I agreed to put my house on the market & pay them £500 a month. (they still think my ex lives at this address, as we had no reason to say otherwise) In November, they increased it to £800 a month. I wrote to them asking them to accept a lower monthly payment. They said no, and referred the matter straight to the courts. I am awaiting a date.

The charge over the house is £53k, and this is with NATWEST.

I will simply list some figures….

My house is mortgaged with TMB for £550.000
My house is valued, at House 1) - £650k House 2) £350k
(2 houses on one plot, under one title deed)

I have just gained permission to change the use of my outbuildings to residential use. This will create, a huge increase in income once they are renovated.

I have just taken in a lodger, and will consider taking in another if need be!

My ex does not ‘give a shit’ if I lose everything.

I have one child of 7 years old.
I have tenants in the 2^nd house
I now have a lodger

I am looking at begging & borrowing £53k off someone, and repaying as much as I can each month, this will be between £500 & £1000 a month. (When my outbuildings have been renovated and are earning money, every penny will go into repaying this borrowed amount until cleared) Aside from friends – with such bad credit – Where could I borrow this money?

I am sitting on a little gold mine, but can do nothing about it, and for the sake of 53k I could lose my home, and business.

[wales01man]

Re: House repossession from a Bank charge over the house from a Business Overdraft

With respect may I ask Where is the money coming from to convert the outbuildings? this must be many thousands why no use this to pay off the 53k.

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

I will be leasing the outbuildings to a friend, who will fund the works. Outbuildings were used as office, so they are pretty sound already, outbuilding 1, for example, will only need around 3k for a new bathroom then its ready.

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

TBH - This is something I should of looked into BEFORE it got to this stage with Natwest. But, I have been to hell & back over the last couple of years with cancer treatments, and have brushed it under the carpet, as I wasn't strong enough mentally to deal with it.

[wales01man]

Re: House repossession from a Bank charge over the house from a Business Overdraft

careful that you don't lease a building and then get reposed they will lose out if its part of the property the charge is against.
You need to seek legal advice quickly this all is getting complicated if you do not get the correct advice it may go the wrong way very quickly

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

That's what I thought!

[Mineral1]

Re: House repossession from a Bank charge over the house from a Business Overdraft

My house is on the verge of being repossessed, and unless I can come up with full payment I will lose my house, business and almost 500k of equity.

I cannot access the equity, for the simple reason that I am in debt with a charge my husband (and unwillingly, I) took out against a previous business. My ex-husband will not pay a penny to help alleviate this situation.

The OVERDRAFT of 53k was taken out in 2006
My husband left me in 2009

I didn’t concern myself with the debt, as he walked away with his business, leaving me in the house (and having to build up a new business for myself)

I was diagnosed with cancer in 2011. This is the year that my husband told me he would no longer pay the debt, and it was my problem as I wanted to stay in the house.

I managed to put off paying Natwest anything (due to my health) until this year. I agreed to put my house on the market & pay them £500 a month. (they still think my ex lives at this address, as we had no reason to say otherwise) In November, they increased it to £800 a month. I wrote to them asking them to accept a lower monthly payment. They said no, and referred the matter straight to the courts. I am awaiting a date.

The charge over the house is £53k, and this is with NATWEST.

I will simply list some figures….

My house is mortgaged with TMB for £550.000
My house is valued, at House 1) - £650k House 2) £350k
(2 houses on one plot, under one title deed)

I have just gained permission to change the use of my outbuildings to residential use. This will create, a huge increase in income once they are renovated.

I have just taken in a lodger, and will consider taking in another if need be!

My ex does not ‘give a shit’ if I lose everything.

I have one child of 7 years old.
I have tenants in the 2^nd house
I now have a lodger

I am looking at begging & borrowing £53k off someone, and repaying as much as I can each month, this will be between £500 & £1000 a month. (When my outbuildings have been renovated and are earning money, every penny will go into repaying this borrowed amount until cleared) Aside from friends – with such bad credit – Where could I borrow this money?

I am sitting on a little gold mine, but can do nothing about it, and for the sake of 53k I could lose my home, and business.

What did the Bank actually say to you before you agreed to stick your neck out acting as security for this overdraft?

I would refer this to the FOS

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

FOS?

I do not remember what was said in 2006. I am guessing, if we were unable to clear the overdraft our home was at risk? At the time I was Comp Sec, when my husband left me.....he removed me from the company and appointed another Comp sec. But, the fact still remains.....I signed for the charge on the house.
Would it hold any weight, that I was on antidepressants at the time, and about to go through IVF treatment? I am CLUTCHING AT STRAWS!

[Mineral1]

Re: House repossession from a Bank charge over the house from a Business Overdraft

FOS?

I do not remember what was said in 2006. I am guessing, if we were unable to clear the overdraft our home was at risk? At the time I was Comp Sec, when my husband left me.....he removed me from the company and appointed another Comp sec. But, the fact still remains.....I signed for the charge on the house.
Would it hold any weight, that I was on antidepressants at the time, and about to go through IVF treatment? I am CLUTCHING AT STRAWS!

How big was your company in 2006? Rough turnover and number of employees?

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

Roughly.....6 employees.
Turnover......Roughly......I will need to look on companies house, as I wasn't 'involved' in his business.

[Mineral1]

Re: House repossession from a Bank charge over the house from a Business Overdraft

Right go and read the code Natwest subscribe to at http://www.lendingstandardsboard.org...endingcode.pdf
Write to them today (REGISTERED POST!!!!) and quote back at them the code they are subscribed to (read lending difficulties)
Other options include splitting the title deed. You need to speak to your solicitor about that. That may be possible depending upon the actual wording on the original security documents. mashappy:

[sharonma12]

Re: House repossession from a Bank charge over the house from a Business Overdraft

Will do - Thank you